GIAX vs. WNTR

Last updated Jun 26, 2026

GIAX (Nicholas Global Equity and Income ETF) and WNTR (YieldMax Short MSTR Option Income Strategy ETF) are both Derivative Income funds. Both are actively managed. Over the past year, GIAX returned 22.47% vs 115.98% for WNTR. At a correlation of -0.54, they often move in opposite directions. GIAX charges 0.97%/yr vs 1.01%/yr for WNTR.

Performance

GIAX vs. WNTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nicholas Global Equity and Income ETF (GIAX) and YieldMax Short MSTR Option Income Strategy ETF (WNTR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GIAX achieves a 16.24% return, which is significantly lower than WNTR's 17.65% return.

GIAX

• 1D: 0.53%
• 1M: -0.38%
• YTD: 16.24%
• 6M: 13.93%
• 1Y: 22.47%
• 3Y*: —
• 5Y*: —
• 10Y*: —

WNTR

• 1D: 6.51%
• 1M: 45.64%
• YTD: 17.65%
• 6M: 21.49%
• 1Y: 115.98%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

GIAX vs. WNTR - Yearly Performance Comparison

	2026 (YTD)	2025
GIAX Nicholas Global Equity and Income ETF	16.24%	16.93%
WNTR YieldMax Short MSTR Option Income Strategy ETF	17.65%	52.78%

Correlation

The correlation between GIAX and WNTR is -0.52, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.52
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025	-0.54

The correlation between GIAX and WNTR has been stable across timeframes, ranging from -0.54 to -0.52 - a consistent structural relationship.

Return for Risk

GIAX vs. WNTR — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

GIAX

GIAX Risk / Return Rank: 31
GIAX Sharpe Ratio Rank: 29
GIAX Sortino Ratio Rank: 28
GIAX Omega Ratio Rank: 30
GIAX Calmar Ratio Rank: 29
GIAX Martin Ratio Rank: 37

WNTR

WNTR Risk / Return Rank: 63
WNTR Sharpe Ratio Rank: 80
WNTR Sortino Ratio Rank: 60
WNTR Omega Ratio Rank: 64
WNTR Calmar Ratio Rank: 64
WNTR Martin Ratio Rank: 47

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

GIAX vs. WNTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nicholas Global Equity and Income ETF (GIAX) and YieldMax Short MSTR Option Income Strategy ETF (WNTR). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	GIAX	WNTR	Difference
Sharpe ratio: Return per unit of total volatility	0.97	2.20	-1.23
Sortino ratio: Return per unit of downside risk	1.42	2.46	-1.04
Omega ratio: Gain probability vs. loss probability	1.19	1.33	-0.15
Calmar ratio: Return relative to maximum drawdown	1.28	2.73	-1.45
Martin ratio: Return relative to average drawdown	5.17	6.99	-1.82

GIAX vs. WNTR - Sharpe Ratio Comparison

The current GIAX Sharpe Ratio is 0.97, which is lower than the WNTR Sharpe Ratio of 2.20. The chart below compares the historical Sharpe Ratios of GIAX and WNTR, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

GIAX vs. WNTR - Drawdown Comparison

The maximum GIAX drawdown since its inception was -20.38%, smaller than the maximum WNTR drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for GIAX and WNTR.

Drawdown Indicators

	GIAX	WNTR	Difference
Max Drawdown Largest peak-to-trough decline	-20.38%	-42.65%	+22.27%
Max Drawdown (1Y) Largest decline over 1 year	-17.62%	-42.65%	+25.03%
Current Drawdown Current decline from peak	-7.56%	-4.02%	-3.54%
Average Drawdown Average peak-to-trough decline	-3.08%	-20.87%	+17.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.35%	16.66%	-12.31%

Volatility

GIAX vs. WNTR - Volatility Comparison

The current volatility for Nicholas Global Equity and Income ETF (GIAX) is 10.26%, while YieldMax Short MSTR Option Income Strategy ETF (WNTR) has a volatility of 18.14%. This indicates that GIAX experiences smaller price fluctuations and is considered to be less risky than WNTR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GIAX	WNTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.26%	18.14%	-7.88%
Volatility (6M) Calculated over the trailing 6-month period	20.97%	46.41%	-25.44%
Volatility (1Y) Calculated over the trailing 1-year period	23.31%	53.16%	-29.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.05%	53.31%	-31.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.05%	53.31%	-31.26%

GIAX vs. WNTR - Expense Ratio Comparison

GIAX has a 0.97% expense ratio, which is lower than WNTR's 1.01% expense ratio.

Dividends

GIAX vs. WNTR - Dividend Comparison

GIAX's dividend yield for the trailing twelve months is around 25.22%, less than WNTR's 94.34% yield.

Position	TTM	2025	2024
GIAX Nicholas Global Equity and Income ETF	25.22%	25.62%	10.58%
WNTR YieldMax Short MSTR Option Income Strategy ETF	94.34%	58.56%	0.00%

Frequently Asked Questions

Can I hold both GIAX and WNTR in my portfolio?

GIAX and WNTR have a correlation of -0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GIAX or WNTR?

WNTR has higher volatility (18.14%) compared to GIAX (10.26%). In terms of maximum drawdown, GIAX dropped -20.38% vs WNTR's -42.65%.

Which ETF is better, GIAX or WNTR?

On 1-year performance, WNTR leads with 115.98% vs 22.47% for GIAX. On fees, GIAX is cheaper at 0.97% per year. On volatility, GIAX has been the lower-risk option at 10.26%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GIAX or WNTR?

Over the 1-year period, WNTR has performed better with a 115.98% return vs 22.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GIAX or WNTR?

GIAX is cheaper with a 0.97% expense ratio, compared with 1.01% for WNTR.

Which ETF pays a higher dividend yield, GIAX or WNTR?

WNTR has the higher dividend yield at 94.34%, compared with 25.22% for GIAX.

What is the main difference between GIAX and WNTR?

They also come from different issuers: Nicholas and YieldMax. Their fees differ too: 0.97% for GIAX and 1.01% for WNTR.

Which has better risk-adjusted returns?

WNTR currently has the higher Sharpe Ratio (2.20 vs 0.97), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.